When it comes to finding a job in business, earning an MBA opens up a variety of opportunities to launch your career. There are many opportunities for recent MBA graduates to enter the business world in the area of their choice. However, certain sectors are growing at a rapid pace and for those interested in these areas, their chances of landing a job are excellent in the current market.
If you’re still deciding which area of business to specialize in, consider the following growing career paths.
Recent MBA grads often seek out marketing positions, specifically management opportunities. This is a position needed by all kinds of businesses and one that attracts many candidates looking to enter a rewarding career with the potential for advancement.
Job tasks include conducting market research, analyzing current market conditions and strategizing ways to increase awareness of company products or services. Marketing managers set up budgets, develop pricing strategies, create company presentations and monitor industry practices in an attempt to stay ahead of competitors in various areas of business.
Professionals looking to enter marketing management positions need excellent written and verbal communication skills, presentation skills, leadership qualities and adaptability. You must prove you know and understand the given industry and show how you can make an organization more profitable to get the best jobs in this field. This position can require long hours and hard work, but many in the field enjoy the more casual environment found in many marketing teams.
The fact that marketing management is a responsibility granted among many different industries may be a perk, but the pay is also advantageous. According to the Bureau of Labor Statistics, the average marketing manager makes an annual wage of $134,290.
Health services manager
With the advent of health informatics, MBA grads are highly sought after in the health services industry. The greatest demand for health services managers is in the pharmaceutical and computer industries. These industries provide services to hospitals and health care organizations and are constantly looking for skilled professionals.
Because there’s a high demand for health services managers across health care companies, there are countless opportunities to work in management positions at hospitals as well as other areas of health care for those with an MBA. Biomedical startups and consulting firms also need MBA graduates to fill positions.
In the past, health care organizations were focused on hiring MBAs with clinical expertise. But with the explosion of new health care organizations focused on lowering costs, this is changing. As health care firms try to manage the high costs of health care, organizations are now looking for new hires with the business skills necessary to rein in costs and adopt efficient plans for the future.
According to the BLS, the average health service manager makes an average of $99,730 per year. The pay, as well as the employment demand – an 18% increase from 2018 to 2028 – makes this career option attractive for those with an MBA.
Employers in various fields are looking for MBA graduates with strong skills and knowledge in project management who can not only lead teams efficiently but can also implement strategic change with the insight gained from MBA work. Project managers are responsible for all aspects of specific business initiatives including planning, coordination and implementation.
They typically oversee teams comprised of several departments of an organization. Some of the other tasks and responsibilities of project managers include participating in client meetings, finalizing contracts, assigning and maintaining projects among their team and developing high-level project plans. Regardless of the industry, all project managers have one common goal in mind: to meet revenue, cost and profit targets for a business.
According to a report by the Project Management Institute, employers will be in search of 87.7 million project managers by 2027 who can help them grow their businesses. At the time of writing, PayScale reports that the annual salary of a general project manager is $73,451, with a $111,000 yearly wage sitting on the higher end of the spectrum.
Often known as a management analyst, management consultants are tasked with the responsibility of making moves to improve the efficiency of an organization or business. These individuals can work a traditional 9 to 5 job, or they can work for clients on a contract basis. The general goal of a management consultant is to consider the future of an industry and what can be done to ensure success down the road.
The great news is management consultants make an average salary of $83,610 per year, according to the BLS. Additionally, this career path is booming – management consultant employment is anticipated to grow 14% between 2018 and 2028, a rate that’s much faster than the average for all other jobs.
When it comes to understanding finances and accounting, businesses are constantly searching for a highly-skilled professional who can take care of their numbers. A financial manager takes the stress of accounting off the shoulders of a business. This person is responsible for creating financial reports, acting on direct investment moves and developing strategies for long-term financing goals for a company, whether it be for a bank, an insurance company or other industry.
Another top-paying career, financial managers make an average annual salary of $127,990, according to the BLS. The wage isn’t the only encouraging factor for this career route – the employment of financial managers is expected to rise by 16% by 2028.
How to get a job with an MBA
After earning an MBA, there are various skills and requirements you need to meet before starting your career. To turn a job opening into a job offer, Cynthia Kay Stevens, associate professor at the University of Maryland Robert H. Smith School of Business, offers this advice in The Washington Post.
“Show clearly how you can meet that employer’s needs, both in terms of your technical skills and your intangible qualities. A general rule is that meeting needed technical skills get you invited for an interview, but meeting needed intangible qualities gets you the job offer. While you may not be the best fit for every opening, thoroughly investigating your target employer and showing how your technical skills and intangible qualities match that employers’ needs dramatically improves your chances.”
Pursuing an online MBA will not only equip you with the necessary skills for a job in these fast-growing fields but will demonstrate your personal initiative and your ability to use technology to create desired solutions—a combination of qualities that few companies can resist. The online MBA from the Robert H. Smith School of Business at the University of Maryland can be completed in as few as two years and offers a robust, comprehensive curriculum. From entrepreneurship and data analytics to ethics, financial accounting leadership and more, you can gain the necessary knowledge and skills needed to pursue a well-paying, satisfying career after graduation.
For more information on the online Master of Business Administration program at Maryland Smith, contact an enrollment advisor today to talk about admissions requirements and program specifics.